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Fitch warns of Argentine debt default in five-notch downgrade

Fitch on Tuesday cut its long-term rating for Argentina by five notches, to "CC" from "B", and slashed its short-term rating on the recession-mired Latin American nation to "C" from "B", AP reported.

Warning that the country would likely default on its sovereign debt commitments, the ratings agency attributed its downgrade to multiple factors - including Buenos Aires’ ongoing legal battle with certain creditors over its debt restructuring, a "tense and polarised political climate" and public dissatisfaction with soaring inflation, weak infrastructure and currency.